Press release
2-Phenylethanol Market Drivers | End User|Top Key Players | Challenges by 2031
The global 2-phenylethanol market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). 2-phenylethanol is fragrant alcohol that naturally occurs in a variety of plants and can also be synthesized from benzene. It has a flowery odor with a rose character and is utilized as an antibacterial preservative in cosmetic goods. As a result, rising global demand for cosmetics goods is expected to drive the global 2-phenylethanol market during the forecast period. Moreover, 2-phenylethanol market is likely to gain from the laundry and home care segment.
2-Phenylethanol Market - Competitive Landscape
Leading players in the 2-phenylethanol market are Shandong Xinhua Pharmaceutical Co., Ltd., LyondellBasell Industries N.V., AACL, Symrise AG, Eternis Fine Chemicals Ltd., Apple Flavor and Fragrance Group Co., Ltd., Firmenich SA, KDAC Pvt Ltd., among others.
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To obtain a competitive edge and grow their footing in the industry, market players are using various tactics such as new product launches, capacity expansion, mergers, acquisitions, and partnerships.
Eternis Fine Chemicals acquired Tennants Fine Chemicals, established in the United Kingdom, and its fully owned subsidiaries in China and Singapore in February 2021. With the increased revenue, this deal is projected to improve the company's distribution network, product range, and ability to serve consumers globally.
2-Phenylethanol Market - Trends and Opportunities
Due to its multipurpose qualities, such as fragrance and preservation agent, 2-phenylethanol is increasingly being used in the cosmetic sector. Greater self-care and hygiene awareness is expected to boost personal care product demand. Moreover, rising consumer awareness of the advantages of natural components in cosmetics and personal care products bodes well for the 2-phenylethanol market. As a result, cosmetic and personal care businesses are leaning toward replacing synthetic components with natural alternatives. Since natural cosmetic and personal care products have no adverse effects and are allergy-free, they have emerged as essential elements driving product demand.
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The laundry & home care segment is projected to be the largest revenue generator in 2-phenylethanol market. 2-phenylethanol is employed as a preservative and fragrance ingredient in soaps due to its durability in basic circumstances. Moreover, due to its fragrant essence and disinfectant, antibacterial, and antifungal characteristics, the 2-phenylethanol is utilized in laundry detergents and cleaning goods, driving product demand from detergent producers.
Furthermore, rising consumer awareness of home and personal hygiene, particularly after the COVID-19, is expected to boost the global 2-phenylethanol market. Additionally, growing consumer interest in scent in laundry detergents is expected to fuel product demand.
2-Phenylethanol Market - Regional Landscape
The 2-phenylethanol market in Europe is projected to grow during the forecast period. Growing consumer interest in preserving the region's standard of living has resulted in rising demand for cosmetics and personal care items, which is likely to accelerate the regional market. Consumers are drawn to personal care goods since they fervently believe in living a clean and healthy lifestyle. Moreover, since personal care product compositions are water- and oil-based and particularly vulnerable to bacterial development, 2-phenylethanol is employed as an antifungal and antibacterial ingredient to suppress microbial activity.
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The 2-phenylethanol market in North America is projected to witness growth during the forecast period. Rapid expansion in the cosmetics and personal care, pharmaceutical, and food and beverage industries in North America has increased the sales of 2-phenylethanol. Moreover, high disposable income, greater consumer standards of living, and increasing spending are important aspects likely to drive strong development in the food and beverage and cosmetic and personal care industries in North America. Furthermore, the United States is expected to contribute considerably to the 2-phenylethanol market in North America.
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